Social Security Depletion Date May Come Sooner Than Expected

A new report from the U.S. Treasury Department shows that the Social Security trust fund will likely be depleted by 2034, that’s one year sooner than was predicted last year. An article by CNBC said at that time, Social Security will only be able to pay 80 percent of its scheduled benefits from the combined funds for old age and survivors insurance and disability insurance. This is instigating calls for Congress to take action now and shore up Social Security, which Treasury Secretary Janet Yellen referred to as “bedrock programs that older Americans rely upon for their retirement security.”

The Seniors Trust firmly believes the best way to do that is by passing the Social Security Expansion Act. Not only would this landmark piece of legislation ensure Social Security solvency through 2096, but it would put an additional $200 in benefits into retirees’ pockets each month.

Show lawmakers the time to act is now — before benefits need to be cut. Join our efforts by signing our petition to Congress.